Oryx International Growth reports positive year – Oryx International Growth has reported a 10% increase in its NAV for the year ended 31 March 2018. The board does not propose paying a dividend.
The manager reports that “The rise in the net asset value was positively impacted by the takeovers of Quantum Pharma and Servelec at the end of 2017. EKF also performed notably well during the period as results for 2017 exceeded market expectations. Ten Entertainment had a successful public offering and the shares continued to perform well in the aftermarket.
The principal disappointments during the year were Goals Soccer, where the turnaround is taking longer than anticipated, and the pharma companies Premethia, Sinclair Pharma and Midatech all of which disappointed the market to a greater or lesser extent.
Ten Entertainment went public during the year. Jaguar Holdings successfully won a major contract from American Airlines and was consequently marked up. Sherwood Holdings on the other hand performed worse than expected and was written down. Interactive Investor changed its name to Antler Holdco and recent performance has been very encouraging. One new investment was made during the year – Tradewise, a specialty UK and Gibraltar based motor insurance company. Finally, Viking continues to trade in line with management expectations.”
OIG : Oryx International Growth reports positive year